Consumers pull back as inflation pressures remain in the daily lives of Americans.

 

A woman is deciding on what vegetables she wants to buy at a grocery store in Greenville, New York, April 30, 2023 (Robert Nickelsberg via Getty Images).

For the 10th time since March, the Federal Reserve is on track to raise interest rates to try and defeat high rates of inflation. 

The consumer price index rose 0.1% for the month of March while the core CPI increased 0.4% and 5.6% on an annual basis, which were both expected. 

A separate measure issued Friday by the Labor Department showed that workers’ pay, and benefits rose 1.2% in the first three months of this year which was faster than the 1.1% rise in last year’s final quarter. 

With high prices, consumers are forced to cut back on their spending. Consumer spending was flat in March for a second straight month which includes cuts on autos, furniture and appliances, but consumers continue to spend on services which includes household utilities, restaurant meals and hotels.






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